FUTURE INTEREST IN GRANTOR O IN GRANTEE REVERSION Future interest is retained by grantor. O waits patiently following a; 1. fee tail 2. life estate 3. term of years POSSIBILIT Y OF REVERTER O waits patiently following a; fee simple RIGHT OF ENTRY O interrupts O must exercise right following a condition broken. subject to a condition subsequent EXECUTORY INTEREST follows a; determinable or subject to cond. subsequent REMAINDERs A future interest created when a grantor conveys a limited possessory estate and, at the same time, conveys a future interest to another grantee (3rd. third party). *must follow a life estate, fee tail, or term of years. “ SPRINGING ” A springing interest divests O (the grantor) not a grantee. *a gap in seisin * (right 2 possession w/ responsibilities) “ SHIFTING ” A shifting interest divests the grantee. grantee wait patiently * if no gap* VESTED a remainder is vested if; 1. a born person 2. ident/ascertainable 3. NO condit. precedent CONTINGENT a remainder is contingent if; 1. given to a unborn
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- Fall '08
- Fee simple, Real property law, Future interest